OREANDA-NEWS. November 29, 2010. The FAS has upheld a motion filed by PIK Group, seeking the acquisition of 49% in Ochakovo Plant of Reinforced Concrete Structures (OPRCS). According to SPARK Interfax, PIK Systems and Co owns 51% of OPRCS. The package due to be acquired by PIK belongs to Mosmetrostroy.

PIK Group is one of the largest Russian residential developers. In 2006, the company held an IPO, which became the largest initial offering by a development company in Europe, priced USD 1.85 bn. The fall in demand for property, caused by the financial crisis, and consequent troubles with debt servicing caused the Group capitalization to slump.

In spring 2009, a 25% package in PIK was acquired by Suleiman Kerimov’s Nafta Moskva from the company owners, Yuri Zhukov and Kirill Pisarev, in exchange for assistance in debt restructure. As of 30 June 2010, Nafta controlled 38.3% of PIK Group. Zhukov and Pisarev control 22.5%. Mosmetrostroy has been put on sale by Rosimushestvo. Reportedly, the firm may be acquired by its ex-board chairman and former owner of St. Petersburg-based Promstroybank, Vladimir Kogan, or structures affiliated with him.